Real Madrid will reportedly pay 17 million euros ($19.40 million) - more than his 15 million euros ($17.12 million) release clause - to beat competition.
The 20-year-old is determined to fight his way into Zinedine Zidane's first-team and Ceballos insists he has the motivation and work ethic to succeed at the Bernabeu.
"You cannot imagine the pride and responsibility I feel at having joined Real Madrid", he wrote via social media, as reported by Goal.
The Spanish giants had long running interest in Ceballos, along with fierce rivals Barcelona and following his impressive performances for Spain at the Under-21 European Championships - where he was named player of the tournament - Real Madrid wrapped up the deal in a timely fashion.
Ceballos, who made over 60 appearances for Los Verdiblancos in the past two seasons, has been given a gigantic release clause of €500million to ward off any interest.
The key to this new approach seems to be Zidane, who is taking advantage of the respect that people at the club show him, including Perez, to ensure that he influences all decisions.
"I will aim to show that I deserve to wear this shirt".
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